FOS Can't help - can anyone explain this / or had the same problem?

Tra77

Last year I made a claim with regards to a mis-sold endowment policy.
After receiving the run around from them as to who I should actually be claiming against,the company in question responded by saying the employee (who had sold us the policy) had died but they had no reason whatsover to believe that the policy had been mis-sold. They also failed to send copies of documents I requested.

I proceeded to forward my complain to the FOS who replied saying: -

they would be unable to deal with my complaint as the only have powers to investigate claims against firms which were formerly authorised by FIMBRA (the financial intermediaries, managers & Brokers Regulatory Association) after 1 April 1996. They continued to add that the company in question were formerly regulated and authorised to carry out investment business by FIMBRA, however the authorisation ceased in December 1993 and did not become authorised by any other relevant regulator after that date.

I've not come accross this before, can anyone shed any light??

dunstonh

They also failed to send copies of documents I requested.

They dont have to. In the event of a complaint, the company can withold data from you to prevent you fishing for things to hook on to.

I've not come accross this before, can anyone shed any light??

Yes. Its not uncommon.

Back in the past there were two regulatory bodies (for want of calling them anything different). FIMBRA was one of those. The SIB, later PIA and now FSA was the other.

FIMBRA as closed down in 1994 and those advisers that went on to join the PIA (now FSA) had all their retrospective cases brought under PIA/FSA/FOS/FSCS protection.

Those advisers who belonged to FIMBRA that ceased trading by 1994 but didnt go on to seek authorisation under the PIA/FSA never joined the PIA/FSA and therefore FOS/FSA/FSCS protection does not apply.

In other words, The FOS/FSA/FSCS are not responsible for the regulation of your endowment and cannot review any complaint that you have because the person that sold you it was never regulated by the FSA (or earlier version). You have no consumer protection and have come to the end of the road.

Tra77

Thanks for that!

Although it's a bit scary to think companies can actually get away with this and leave us with no protection.:mad: